Grain stocks higher than anticipated

Thursday’s USDA quarterly grain stocks estimate came in more than 80 million bushels higher than anticipated.

The Sept. 1 estimate was still 35.6 percent less than levels a year ago, at 1.236 billion bushels. June 1 corn stocks were also revised slightly lower by USDA. The USDA June 1 soybean stocks estimate was increased slightly. Quarterly wheat stocks information was 72 million bushels lighter than analysts anticipated and 17.5 percent less than levels one year ago.

When it comes to U.S. crop production for 2020-21, the corn production is estimated at 14.11 bushels compared to the trade guess of 14.17 and the previous 14.18 billion USDA estimate. Soybean production is expected to be 4.21 billion bushels compared to the trade guess of 4.13 and USDA’s previous guess of 4.13 billion bushels.